Two Vessels Ordered To Work Off Brazil

Helix Energy Solutions Group, Inc. has entered into agreements with Petrobras to provide well intervention services off Brazil.

Helix will be providing the services with two newbuild chartered monohull vessels, which will be built at the Flensburger shipyard in Germany for Siem Offshore AS.

Helix will provide the topsides and manage the integration of the well intervention equipment onto the vessels, while Siem will be responsible for the monohull build and oversee the construction at the shipyard. Siem will be the owner of the vessels, and charter both the vessels and marine crew to Helix for an initial period of seven years.

Helix’s aggregate investment in the topside equipment for both vessels is expected to be about $260 million. The initial term of the contract with Petrobras is for four years with options to extend. The first vessel is expected to be in-service for Petrobras mid-2016, with the second vessel to follow later that same year.